From Monday, a million more smartphone users will be able to bank their cheques by taking a photo of them using their smartphone.
The project, which is on offer to Barclays’ Premier Account holders, has the backing of the government. It is currently only available to iPhone users, but is set to be rolled out for Android smartphones, and for business customers, next year.
According to Barclays, nearly a quarter of all cheques in the UK never get banked, losing their recipients £300m per year. The system will add to existing methods for paying in cheques, which include making deposits at branches, cash machines and post offices.
It is hoped that, by making the process easier, fewer customers will miss out on banking their cheques and payments will be sped up, helping payers and payees to keep track of their transactions.
Similar projects have already come into use in the US, France and parts of Asia, according to the BBC.
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